PENAL INTEREST
Section 302 no longer murder, 420 not cheating, 376 not rape as IPC evolves into BNS
With the arrival of new criminal laws under the Bharatiya Nyay Sanhita (BNS), familiar sections of the Indian Penal Code (IPC) have undergone significant changes. Crimes once defined under well-known sections like 302, 420, and 376 have now been redefined, reflecting a modernised legal framework aimed at addressing contemporary challenges in criminal justice.
India's new criminal laws: Legal experts break down the nitty gritties of some key changes in Bharatiya Nyaya Sanhita
Bhartiya Nyay Sanhita vs IPC: India has enacted three new criminal laws, the Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA), to modernize the criminal justice system. The BNS reduces the number of sections from 511 to 358 and introduces 21 new offences, including hate crimes and mob lynching. It also introduces offenses like terrorism, organized crime, and hate speech, and redefines sedition as acts endangering national integrity.
Curtain falls on British-era laws, new criminal laws come into effect on July 1
Three new criminal laws—the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam—will replace India's colonial-era legal framework starting Monday. These laws introduce modern provisions such as Zero FIR, online complaint registration, and electronic summonses. Key changes include mandatory crime scene videography for heinous crimes, streamlined sections, and enhanced protections for women and children. Union Home Minister Amit Shah emphasized that these laws prioritize justice and transparency, replacing outdated penal systems with Indian-centric legal standards to address contemporary social realities and crimes.
Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date
Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
US court levies $194 million penal charges on TCS for misappropriation of trade secrets
A US court ruled TCS liable for misappropriation of trade secrets, penalizing around USD 194 million. TCS to appeal. Ordered to pay damages and face injunctions, but expects no major financial or operational impact.
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Cashless claims to be cleared in 3 hours
Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.
Bobby Kataria arrested in human trafficking case. A look into past controversies of the social media influencer
Controversial social media influencer Bobby Kataria arrested over human trafficking allegations by Arun Kumar and Manish Tomar from Uttar Pradesh and defrauding them of Rs 4 lakh for fake overseas jobs via Instagram and YouTube ads. This arrest adds to Bobby Kataria's controversial history, which includes being detained in 2022 for smoking on a plane, facing a non-bailable warrant, assault charges, and misconduct with police.
Delhi HC sets aside order upholding arbitral award in favour of Kalanithi Maran and against SpiceJet
The Delhi High Court on Friday overturned a ruling that upheld an arbitral award favoring Kalanithi Maran against SpiceJet. Maran sought a refund of Rs 579 crore with interest from SpiceJet in a share transfer dispute dating back to January 2015. Shares of SpiceJet surged 6.5% post the court's decision.
Allu Arjun to be arrested? ‘Pushpa’ star faces FIR for violating poll code of conduct
On Saturday, officials in Nandyal, Andhra Pradesh, pressed charges against Tollywood actor Allu Arjun for visiting the home of his friend, YSRCP MLA Silpa Ravi, causing a massive gathering of thousands of people on the streets, which directly violated the MCC. Allegedly, the MLA invited the 'Pushpa' actor without securing permission from the RO Nandyala for such a public assembly.
Lok Sabha Elections: Congress moves EC against Karnataka BJP chief over alleged remark on guarantee schemes
KPCC accused BJP State President Vijayendra of attacking Siddaramaiah government's schemes, threatening to stop them if BJP loses in Karnataka post-Parliament elections. Election Commission urged to take action for fair polls.
ET Explainer: What RBI's norms on penal charges mean for borrowers
The Reserve Bank of India (RBI) has implemented new guidelines on penal charges for loan accounts starting from April 1. These regulations prohibit commercial banks and finance companies from imposing penal rates on loan defaults or any non-compliance event. The guidelines aim to promote credit discipline and prevent banks from using penal charges as a revenue enhancement tool.
TP Ostwal on how new tax laws will help MSMEs and its pitfalls
TP Ostwal highlights the risks of delayed payments to MSMEs, urging timely settlements within 45 days to avoid disallowances and hefty tax penalties. The complex policy may inadvertently steer buyers towards unregistered MSMEs or large suppliers.
New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.
Greater Noida residents will have to pay extra for water from next month; Here's why
The Greater Noida authority is set to increase water tariffs by up to 10% for all consumer categories from April 1, 2024, aiming to improve revenue and water supply infrastructure and quality. The revised tariff structure will vary based on plot sizes, with owners of residential plots facing monthly charges ranging from Rs 173 to Rs 1,999. Additionally, the authority offers a 5% waiver for consumers settling their annual water bills within the next six months.
No penal interest on TDS for crypto investors who failed to file the TDS return by May 31, 2023: CBDT
Virtual digital assets tax: Purchaser of virtual digital assets (VDA) like Bitcoin (BTC), Ethereum (ETH), Solana (Sol), Algorand (Algo), Shiba Inu (SHIB) etc should deduct TDS before making payment to any resident. Such TDS deducted must be reported using Form 26QE within a specified deadline. Failure to report it will attract penalties.
Gold loan interest rates March 2024: Check full list of banks' latest gold loan interest rates
Latest gold loan interest rates: Gold loan can be availed for meeting expenses of sudden medical exigency, margin money for home loan and/or education loan, travel plans including consumption purpose.
Govt offers debt restructuring and one-time settlement to sugar mills for loans taken under SDF
The government has issued revised guidelines for loans taken under the Sugar Development Fund (SDF), providing relief to sugar mills. The guidelines offer debt restructuring and a one-time settlement option for outstanding loans. The outstanding loans of sugar mills as of January 31 amount to Rs 3,730.15 crore, with penal interest of Rs 939.87 crore.
Senior Citizens’ Savings Scheme (SCSS): Can I deduct penal interest while filing ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
New RBI rules on penal charges on loans: Will there be any upper limit/cap for imposing penal charges?
the RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 2024 in the case of existing loans.
RBI imposes penalities on Dhankaxmi Bank, Punjab & Sind Bank and ESAF Small Finane Bank
The central bank has imposed Rs 1 crore on state-owned Punjab & SInd Bank for violating lending rules. ESAF Small Finance Bank will have to pay Rs 30 lakh for deficiencies in customer service.
Assam: Transporters' unions decide to call off strike after govt assurance
In some places, including Guwahati and Dibrugarh, strike supporters were seen preventing vehicles, including private cars, from plying the roads. Office-goers had a difficult time reaching their workplaces as buses, taxis and app-based cabs were off the roads, abiding by the strike call.
Banks, NBFCs to stop compounding penalty charges from April 1, 2024 as RBI extends deadline
The RBI has released a circular extending the deadline to implement the revised guidelines on how banks, NBFCs are charge penal interest and penalty charges on loan accounts. The deadline has been extended by three months for new loan accounts opened on or after April 1, 2024. Read on to know more about it.
Are banks making a business out of punishing loan defaulters?
The Reserve Bank of India (RBI) in August had instructing banks not to use penal interest rates as a revenue enhancement tool but rather to instill credit discipline. The RBI's guidelines are set to take effect on January 1, 2024. However, some banks seek a three-month deferral, arguing that penal interest rates promote better credit discipline. They also seek clarity on GST implications for penalties on stressed accounts.
Banks want norm barring penal interest rate deferred by three months
Lenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said they needed time to reconfigure their internal systems. "We need more time to reconfigure our internal systems to adhere to guidelines, and accordingly, a representation was made to the regulator earlier this month," an executive of a leading public sector bank said on condition of anonymity.
What are the incomes on which advance tax can be paid in the next quarter without penal interest
Income tax rules say that if an individual's estimated tax liability for the financial year after subtracting tax deducted at source (TDS) is over Rs 10,000 then advance tax has to be paid. If this is not done then penalty under section 234C is levied. However there exists certain incomes where this penalty is not applicable.
RBI stops banks, NBFCs from compounding penal interest on loans
The Reserve Bank of India (RBI) has issued a circular on August 18, 2023 on penal charges that banks and other lending institutions can charges in case of non-compliance of loan contract with the borrower. The new guidelines will be effective from January 1, 2024. The new guidelines came to ensure consumers are not taken for ride.
Lenders can't levy penal interest on loan accounts from January 1: RBI
Banks and non-banking finance firms (NBFCs) in India have been barred from imposing penalties in case of any default of the contract's terms and conditions. Under the Reserve Bank of India's (RBI) new rules, penal charges cannot be added to loan accounts, with such fees charged outside the account. The RBI move follows indications that there were different practices amongst lending institutions with regard to levying charges, often leading to customer disputes. While the new guidelines won't apply to credit cards or trade credits, they will take effect from 1 January.
Affidavit filed before Bombay High Court contesting trial court decision in NSEL scam case
The EOW has contended that in the last ten years they have filed 11 chargesheets in the case against 220 accused who are companies, its concerned directors, employees, individuals etc and those who have been left out were for the want of evidence. They further argued that merely being signatory or owning shares does not prove criminal charges, “ as there is no mens rea or common intention for conspiracy”.
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